Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1887-08-07
meeting an annual interest account o
$1,000.


per year, and must necessarily increase
II the usefulness OF our institute is OK
tended.
Second. We are OF the opinion that
the purchase of lot and the erection
OF such building as the character OF
our institute requires--such building
as a city of the Importance, wealth,
and intelligence of Richmond should
have--would place our institute so
prominently before the public as to
insure us membership-fee sufficient
to meet our annual interest account, If
not more. Our membership fee is S3Pcr
annum, and it would certainly be a
source Of modification to us should we
fail 70 enlist the interest OF LOO peo-
Pic fiorn a city OF this size to the ex-
tent of three dollars per annum, as n
membership fee, in an institution OF
this character, so fraught with adj
vantages 20 be derived from it. We
have now nearly 800 members, and yet
va are only in our infancy, and never
having made an effort to increase our
membership. And VIC will here state
that We have i'll our treasury the sum
OF 81, ECO accumulated during cur short
existence.
Third. But the source which we
have in view rs being the most prolific
Of revenues to the institute Is the
holding Of annual industrial exhibit
tons. With a permanent building Of
our own, planned for and adapted to
our purposes, any question rs to the
feasibility of our industrial exhibitions
will be at once dissipated. We are
Convinced that annual industrial cxhi-
bitions OF two or three months dura-
ton, freed from the usual great expense
of providing temporary buildings, If
properly managed would be productive
of large revenues to the institute, and
we believe that such an exhibition
can be properly and economically
managed by men imbued with the same
feelings end motives which have in
spired the members of this institute
from the inception of its organization.
INDUSTRIAL EXHIBITIONS.
in stating that our annual industrial
exhibitions will, in our opinion, be the
most prolific source of revenue to the
institute, We have substantial prece-
dents upon which to base our calcula-
tons. A similar institution of the same
name existed in this city prior to
the war. The managers were engaged
in just such an undertaking as We now
are. They held their first annual exhi-
bition in the Old-Market Hall about
the year 1856. The proceeds of that
exhibition was used in the purchase OF
a site, upon which they erected build
ing that the citizens looked upon with
pride. At the commencement of the
war. when the building was taken pos
session of by the Confederate Govern
ment TO be used as the War Depart
ment, it had been nearly paid for from
the proceeds OF the exhibitions which
they had held in the mean time-du-
ring period Of five or six years.
In the fall of 1886 the citizens of Ra-
leigh, n. c., organized a stock com
pany for the exclusive purpose of hold
ing an industrial exhibition. They
erected temporary buildings for the
purpose st a cost of about SO, 900.
Their exhibition was continued thirty
days, under exceedingly unfavorable
circumstances, resulting from the eX-
cessively.hot, dry weather, and after
paying the entire costs, including the
costs of the buildings, declared diyi-
dend to the stockholders of 10 per cent.
THE PLAN.
In the plan of the building we pro-
pose it will be almost indispensable Tin
order to meet a great want of our city,
to have a large public hall, which
would be in frequent demand for va
lious purposes, and which would also
lie source Of some revenue to the IN
stitute.
We have yet to consider the impor-
tant feature of erecting building with
stores under it, in which event the
revenue from rents would go very
largely towards paying the annual in
terest account.
We feel satisfied, all things consider
Cd. that the scheme which we have con-
cisely mapped out, if carried to com
pleiion, would be productive of reve-
nue. in excess of our actual needs, and
We cOnscientiOusly assert it as our
honest conviction that the city govern
ment will never be called upon to pay
one dollar either of the principal or in
tOrest.
Eut you may suggest the possibility
Of failure on our part to realize our
anticipations. While we believe there
is little probability of it, yet we must
admit that there is a possibility of it !;
and in the event OF total failure the
city would have to sustain the loss
should there be any. But we hope that
our Board of Managers may, in their
wisdom, exercise proper discretion
and purchase such location as will
not likely depreciate in value. In
fact, q site suitable for our purposes
should be centrally and publicly To-
Gated, and all such property in the cen
trail portion of our city must inevitably
increase in value with the growth Of the
CITY. Should the site be located on a
business street the building itself, in
the event Of failure, might be utilized
for business purposes, aud thereby oc-
casion very little if any loss.
Trusting that these crude reflections
nav be fairly considered by your homo
rable body, and that they may meet
with favorable response is the prayer
of your petitioners.